One of the people I know has opted for an IDFC First Private account. I was discussing with him about his overall experience and have decided to create a post for individuals who might be interest.
TLDR Rating of First Private Banking : 2.5 / 5
Requirement of IDFC First Private
IDFC expects 1 CR TRV. If you have a 50L investment and 50L savings balance, that should also fulfil the requirement.
Pros of First Private
1. Metal Debit Card
2. Higher set of points on spending through debit card.
3. One of the best welcome kits. Comes with a tablet (a very cheap one, though)
4. Customer Service of IDFC is good (not RM)
Cons of First Private
1. Even for First Private members, the First Private Credit Card is NOT FREE. They charge Rs 50,000 + GST.
2. The RMs are not good. Even for such a privileged account, the RM will ignore your messages for days, and you have to constantly remind them.
3. Features like "Unlimited Doorstep banking" are promoted, but here, cash delivery is not supported. So it looks like a hype.
4. They promise a free locker but make First Private customers beg to get one. After a lot of back-and-forth, they will hesitantly give you a small locker somewhere.
5. IDFC mentions a Lifetime Free Credit Card on the First Private page. It's just a regular Wealth Credit Card. In addition, the LTF Free CC, as claimed, was not given to senior citizens' parents who were part of the First Private Family Banking group. So, I assume this claim of LTF CC is not entirely valid.
Final Thoughts
With such high NRV requirements, IDFC does not seem to provide that value to First Private account customers. The RMs seem least bothered about First Private customer requirements (except when you want to make new investments). The HNIs won't care much about smaller things like debit card spending points, but they expect very good customer service, which IDFC RM for First Private banking seems to lack based on experience.
TLDR Rating of First Private Banking : 2.5 / 5
Requirement of IDFC First Private
IDFC expects 1 CR TRV. If you have a 50L investment and 50L savings balance, that should also fulfil the requirement.
Pros of First Private
1. Metal Debit Card
2. Higher set of points on spending through debit card.
3. One of the best welcome kits. Comes with a tablet (a very cheap one, though)
4. Customer Service of IDFC is good (not RM)
Cons of First Private
1. Even for First Private members, the First Private Credit Card is NOT FREE. They charge Rs 50,000 + GST.
2. The RMs are not good. Even for such a privileged account, the RM will ignore your messages for days, and you have to constantly remind them.
3. Features like "Unlimited Doorstep banking" are promoted, but here, cash delivery is not supported. So it looks like a hype.
4. They promise a free locker but make First Private customers beg to get one. After a lot of back-and-forth, they will hesitantly give you a small locker somewhere.
5. IDFC mentions a Lifetime Free Credit Card on the First Private page. It's just a regular Wealth Credit Card. In addition, the LTF Free CC, as claimed, was not given to senior citizens' parents who were part of the First Private Family Banking group. So, I assume this claim of LTF CC is not entirely valid.
Final Thoughts
With such high NRV requirements, IDFC does not seem to provide that value to First Private account customers. The RMs seem least bothered about First Private customer requirements (except when you want to make new investments). The HNIs won't care much about smaller things like debit card spending points, but they expect very good customer service, which IDFC RM for First Private banking seems to lack based on experience.
